Dogecoin (DOGE) has surged by 38% in May, fueled by strong trading demand and bullish market indicators. Analysts predict a potential 180% price rally, targeting $0.65 and $1 in the near future. The strong correlation with Bitcoin’s price movements adds to the optimism, though potential investors should approach with caution as there are inherent risks in trading.
Dogecoin (DOGE) is seeing quite a buzz lately, having soared by 38% just in May. It turns out the demand’s pretty strong, with trading volumes hitting an impressive $4.7 billion within 24 hours, landing it in the fifth spot among major cryptocurrencies, excluding stablecoins. Analysts suggest that if these trends keep up, Dogecoin could witness a monumental 180% price rally, eyeing targets of $0.65 and $1.
What’s been fueling this surge? Well, the MACD crossover—a technical indicator—has traders feeling particularly bullish. A lot of this activity is driven by spot buyers, hinting that traders are more eager to buy than to sell. Data from CryptoQuant reveals that the spot taker cumulative volume delta has shown dominance over the last three months. This increased buying sentiment mirrors patterns from late 2024, which led to a significant Dogecoin rally of 385%.
Additionally, the net unrealized profit/loss indicator for long-term holders jumped above 0.5 for the first time since March 2025. This indicates that many DOGE holders are currently in the green, which might explain why they’re less likely to sell—confidence in further price increases may keep them holding on.
So, can we expect another major DOGE rally? An anonymous analyst known as Trader Tardigrade seems to think so. Looking at the DOGE/BTC pair, he notes previous price movements, such as the astronomical 30,000% surge from $0.0024 to $0.739. Given Bitcoin’s historical influence on Dogecoin—though they typically show a correlation around 0.67—he suggests Bitcoin’s potential rise could lead to Dogecoin’s price spike in the coming weeks.
The analyst also mentioned that Dogecoin’s immediate target is $1. This follows the recent bullish MACD crossover seen for the third time since 2024, with a history of corresponding price breakouts afterward. Each prior occurrence has brought significant gains, suggesting something similar could be on the horizon.
Furthermore, fellow trader Javon Marks echoed these predictions, setting a target of $0.65 for Dogecoin. He highlighted the strength of Dogecoin’s price movements, underlining the likelihood of prices soaring, with a potential for upside approaching +180%. Marks noted, “$DOGE is showing MAJOR STRENGTH after setting Higher Lows!”
But, just a quick note before diving into any investing—this piece doesn’t offer investment advice. Risk is part and parcel of any trading decision, so it’s crucial to do your homework before making moves.
